The Town of Leyden was established on April 2, 1850. The township includes the Villages of Elmwood Park, River Grove, Franklin Park, Schiller Park, and portions of the Villages of Norridge, Park Ridge and Rosemont and the City of Northlake.
The area has excellent access to transportation. Leyden is located near O’Hare International Airport and is centrally located to all local highways. Commuters can board METRA trains in the Villages of Elmwood Park, Franklin Park, River Grove and Rosemont.
Leyden also has an unincorporated area. The unincorporated area uses the Melrose Park Postal Service and uses a Northlake zip code 60164. The Leyden Fire Protection District and the Cook County Sheriff’s Police protect the unincorporated area.
Housing in the unincorporated area is entirely detached homes. According to data from the Northern Illinois MLS there were 48 sales of detached homes in 2007, down from 80 in 2006. The average sales price was $241,250.00, this was a decline from $258,303.00 in 2006. Marketing times were an average of 119 days on the market, and increase over the 2006 average of 90 days.
As of January 6, 2008 there were 81 active listings of detached homes. At the 2007 level of absorption this is 20.25 months of available inventory. A 3-4 months supply of inventory is considered "in Balance"
Available inventory is oversupplied, sales volume is down -40%, sales prices are down -6.60%, days on market are up +32.22%.
This neighborhood is being negatively affected by the loss of subprime lending. Sales volume, prices and marketing times are feeling the effect. There is way too much inventory for the demand, this points to long marketing times and lower prices in 2008.
If you have an active listing or need to sell in 2008 now is the time to get an appraisal. The market has changed and only the most competitively priced homes will be selling soon.
How to be sure that your listing is competitive? Get a current appraisal. Complete appraisals of single family homes and condominiums start at $275.00. this is a small price to pay for knowledge that will help you position your house in the current market.
Citywide Services provides residential appraisal service in Leyden Township, Illinois 60164. Our appraisers are state certified and have experience with single family homes, town houses, condominiums as well as small residential income properties. When you need to find an appraiser in Cook County contact Citywide 1-800-409-9718